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State Income Tax Increase

Yikes! Look at those rates.

Rep. Terra Costa Howard and the rest of the newly minted suburban Ds better not get too comfortable in Springfield. Again, I suspect taxpayer justice will be delivered swiftly when this is passed into law.

Illinoisans selling their homes "could expect to get a lower price than they were expecting," as buyers plug the higher monthly tax bill into what they can afford to spend on housing each month, and as a result trim something off the price they'll pay for a house.

The economists deal with the issue in their paper and write that prices would go down "quickly."

Current homeowners would not be happy about this, but it would be a good result for the Illinois economy," the paper says.

First, people who are considering moving to Illinois would find the higher taxes offset by increased home affordability thanks to lower prices. Second, "current homeowners would not be able to avoid the new tax by selling their homes" because prices would go down right away.

Personally, I think that the pension bill should return to the unit of government that promised it, and that tax base should foot their bill. If it turns out that D41 and D87 need my tax bill to double to pay for the damage caused by my elected representatives - I am for that, absolutely.

If the long line of Terra Costa Howard types as D41 board members and Presidents gave away free money to their teacher union supporters on the back of promises that someone else would pay for it, why should responsible communities pay for our spendthrift ways and financial insolvency?

More state income taxes, the real possibility of a LaSalle Street Tax, more federal taxation (even legitimate socialist presidential candidates)..one would be fine, the real possibility of all three makes this guy a future Republican voter, regardless of how pathetic the party has become. Maybe Clarkholtz is on to something...

Not what I meant. I meant that $250K is not exactly a king's ransom these days. Oodles of GE households bring that much in.

The real impact is to those small business who have to pay these taxes....and don't typically get handouts from VoGE. They are going to have to raise their prices to cover the lost margin or find another friendlier state...

250,000 is pretty good. You should be living pretty well on 250,000. Maybe in Manhattan or in San Francisco its a reach but here you should be doing OK.

For those of you who seemed surprised or shocked by this I'm wondering were you paying attention last year ? Pritzker and the Democrats ran on a campaign of a Progressive income tax so you can't really be surprised by this.

I'm actually surprised that we didn't get hit with an increase in the flat tax and higher gasoline taxes this year. This isn't a good thing. All they have done is put the state deeper in debt. And Pritzker has gone back and did what previous governors have done . Stiff the Pension funds. Say what you want about Quinn and Rauner they funded the pension funds. Now Pritzker is using smoke and mirrors and fairy dust to balance the budget. And it looks like he will have to do that for at least the next two years . This also isn't good. Especially should there be a recession . Illinois has no rainy day funds quite the opposite it has 15B in unpaid bills.

So they are willing to put the state deeper into debt so that they can pass the Progressive tax amendment . So that means not pissing anyone off for the next two years. So Illinois could have almost 20B in unpaid bills .

So this won't be the last tax increase. There will have to be more. Soon 7.5 percent will be the average tax rate.

The real impact is to those small business who have to pay these taxes....and don't typically get handouts from VoGE. They are going to have to raise their prices to cover the lost margin or find another friendlier state...
Middle the $250k threshold is for individuals.

Isn't the $250K for individuals and not business income/taxes? Did the rate go up for business income too?

It's 7.0 percent right now. So what is that . . . where is my calculator? 13.57% increase.

Thought it was at 4.95 percent. On June 30th 2017 it was 5.25 on July 1st it went to 7.0 . If Pritzker gets his way it will be at 7.95 come January of 2021. Works out to a 52.3 percent increase in a little more than four years.